Philippines President Rodrigo Duterte has overseen the destruction of $5.5 million worth of luxury vehicles and motorcycles as part of his campaign against corruption. A government video shows ...

Car repossessions, which are becoming more common after a dip during the COVID-19 pandemic era, have serious financial consequences for lenders and borrowers. Over a million cars were repossessed ...

Lopez said, though, that banks won’t just dump repossessed cars onto the market, meaning that values may not crash. The effect of all of this on the wider economy will not be good, he says.

The Philippines has had a bit of a problem with people smuggling cars into the country without paying taxes. So to make a point, it just crushed a whole bunch of confiscated cars by driving over ...